Scotland 'cheapest in the UK for houses'

23-Apr-2007

First time buyers should be looking to Scotland and the north of England for the cheapest route on to the housing ladder, according to the latest research.

The Halifax House Index has revealed that with an average house price of £138,655, Scotland is the place in the UK with the cheapest average price for homes. Yorkshire and the Humber (£145,419) and the north in general (£148,167) are other tempting areas for first time buyers.

However, Scotland is also the place where house prices are growing at a high rate, with the annual change a 22.4 per cent interest on figures from 12 months ago. The north and the east Midlands experienced the slowest growth.

"Overall, house prices increased by 2.8 per cent in 2007 Q1 [quarter one], well below the 4.2 per cent rise in 2006 Q4 [quarter four]. There is also evidence of reduced market activity," said chief economist Martin Ellis.

London is the site of the highest average house price, at £297,132, a 14.9 per cent rise on 12 months ago.

Last week, the Bank of Scotland revealed that Edinburgh was the only city in Scotland to feature in a list of the top ten most expensive places to buy houses in the UK, again suggesting Scotland could be good for first time buyers.

To find out about the different ways of financing a first home, see our section 'Affording Your First Home'.

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